People Moves: ING shakes up management, SL Capital, Mercer, Threadneedle, MKP Capital, Butterfield Bank, Western Asset Management, SGSS
ING shakes up management as banking board member steps down, SL Capital appoints to tackle regulatory challenges, Mercer hires EMEA asset allocation head, Threadneedle bolsters US team after Holliman departure, MKP Capital founder to retire, Butterfield Bank head changes role after 14 years, Western AM hires for global markets in London, locally in Asia, SGSS names global business head, Closier moves on.
A series of board level management changes are underway at the Dutch banking group, following the retirement of vice chair of its banking board Eric Boyer de la Giroday.
Boyer, who has worked for ING since 1998 when the firm acquired Belgian bank BBL, will retire on 1 October 2011.
His successor will be the Group’s chief risk officer and board member for insurance Koos Timmermans (pictured), who takes over from Boyer on the same day he steps down. Timmermans is charged with repairing the bank’s balance sheet and maintaining compliance with regulatory changes.
Replacing Timmermans is CEO of ING’s Turkish banking arm Wilfred Nagel, subject to regulatory approval by the Dutch Central Bank. He will take on the role of chief risk officer and board member for banking and insurance. Nagel cannot become chief risk officer at Group level until ING’s next AGM in May 2012. In the interim, chief financial officer for ING Group Patrick Flynn will oversee risk at Group level.
European private equity fund of funds manager SL Capital Partners has appointed legal expert Thomas Chevalier to help it address regulatory challenges, including the Alternative Investment Fund Managers Directive (AIFMD).
Effective on 6 June, Dutch, English and French speaker Chevalier moved from Moscow to Edinburgh to take up the role of investment director at the firm.
He gives legal and regulatory advice internally and to the firm’s clients.
Chevalier previously worked at Gazprom Bank where he helped set up an investment fund subscribed to by pension funds, sovereign funds and high net worth individuals. Before that, he was at Linklaters LLP in Belgium for four years, giving legal advice to financial institutions, companies, pension funds, private equity funds, REITs and private investors on corporate, real estate and finance deals. He has also worked at Clifford Chance LLP.
Mercer has hired former Credit Suisse proprietary trader and strategist Paul O’Connor as its head of asset allocation for Europe, the Middle East and Africa.
He will hold overall responsibility for asset allocation of the firm’s client portfolios. The firm has 147 clients within the region.
Before spending 10 years working for Credit Suisse in London, O’Connor was an equity strategist at BZW/Credit Suisse.